The country’s leading lender BDO Unibank expects to complete by Feb. 1 the migration to more secure EMV cards for its first batch of retail clients.
EMV or (Europay, Mastercard and Visa) chip-enabled cards have enhanced features that verify transactions made on card, limiting cases of card-present fraud incidents and identity theft. This replaces cards that were originally magnetic swipe cards.
BDO’s first batch of clients includes the bulk of local retail account-holders. The second batch of clients will include clients based overseas and those holding payroll accounts.
As a result, the magnetic stripe currently found at the back of the old ATM debit card will be disabled, which means clients will no longer be able to transact on any ATM and point of sale (PoS) terminal.
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The bank has been advising clients to replace old cards with EMV cards since these became available in the third quarter of 2016.
Clients who still have the magnetic stripe cards are encouraged to have them replaced at the branches on or before Jan. 31.
